[Funding alert] Agritech startup Otipy raises $32M in Series B led by Westbridge Capital
Agritech startupon Monday said it raised $32 million (Rs 235 crore) in a Series B round led by Westbridge Capital. Existing investors SIG and Omidyar Network India also participated in the round, the startup said in a statement.
The Series B funding comes in six months after the Gurugram-based startup raised $10.2 million (Rs 76 crore) in its Series A round.
Founded by Varun Khurana and Prashant Jain in 2020, Otipy, a community-based platform, connects consumers, resellers, and farmers to bring fresh produce to their doorstep.
The startup directly buys from farmers and saves money due to less wastage, at 3 percent. It harvests the produce from the farm on an order basis, ensuring they stay fresh for a longer time. Every day, Otipy moves over 100 tonnes of fresh produce from farms to the consumers.
Functioning on a community leader model, its logistics operation costs merely Rs 4 per kg from the process of warehouse to consumer, the startup claims.
Varun Khurana, Founder and CEO, Otipy, said, “Leveraging our fast supply chain and community leader network, we aim to provide fresh quality produce to consumers at the lowest price. We will continue to build on our proposition for value conscious consumers. The Series B round of funding will support us as we expand to new pin codes, strengthen our supply chain, invest in cutting edge tech, add product categories, and accelerate our mission of making fresh nutritious food accessible to all.”
Sandeep Singhal, MD, Westbridge Capital, added, “We are excited to partner with Otipy as they disrupt the daily essentials market via the community group buying model. Otipy is creating value for farmers, community leaders, and consumers. We see very strong fundamentals in their business model and are excited to be partners in their growth journey.”
The startup is eyeing a turnover jump of 5X to reach over Rs 100 crore in revenue by the end of the current fiscal year.